### Table 2: Summary Statistics by Rating Category

| Variable | AAA | AA+ | AA | AA- | Below AA- | All |
|:--|--:|--:|--:|--:|--:|--:|
| OADR | 0.23 | 0.20 | 0.17 | 0.17 | 0.22 | 0.21 |
| Debt/GDP | 54.61 | 58.58 | 55.20 | 82.55 | 73.87 | 58.28 |
| Exp-Rev Gap | 0.39 | 2.41 | -2.74 | 2.93 | 2.54 | 0.47 |
| r-g | 2.23 | 1.73 | 1.98 | 3.23 | 1.08 | 1.97 |
| GDP Growth | 2.24 | 3.17 | 3.10 | 5.32 | 2.79 | 2.75 |
| Inflation | 2.15 | 2.41 | 2.80 | 5.91 | 2.54 | 2.47 |
| N obs | 475 | 207 | 198 | 30 | 111 | 1021 |
| N countries | 19 | 13 | 13 | 3 | 8 | 31 |

*Means reported. OADR as proportion (0-1). Fiscal variables as % of GDP.*
